New First Time Buyer $8000 tax credit details
Don't have all the details yet, but here's what we know so far about the new tax credit for first time homebuyers.
-$8000 (up from last year's $7500 credit), and unlike last year's, this one does not need to be paid back!
-For purchases between January 1st and December 1st, 2009.
-Income limits are $75,000 for individual and $150,000 for couple.
-First time buyers only
-Principal residences only
-No disqualification for using Bond Money.
-If you sell the home in the first 3 years, you must repay it.
*I'm assuming the credit is capped at 10% of the property sale price or $8000, whichever is smaller, like last year's credit (so you can't buy a $10,000 property and get an $8000 tax credit).
More details to come, plus a piece on what I think this will do to the market.
-$8000 (up from last year's $7500 credit), and unlike last year's, this one does not need to be paid back!
-For purchases between January 1st and December 1st, 2009.
-Income limits are $75,000 for individual and $150,000 for couple.
-First time buyers only
-Principal residences only
-No disqualification for using Bond Money.
-If you sell the home in the first 3 years, you must repay it.
*I'm assuming the credit is capped at 10% of the property sale price or $8000, whichever is smaller, like last year's credit (so you can't buy a $10,000 property and get an $8000 tax credit).
More details to come, plus a piece on what I think this will do to the market.
Labels: Cincinnati, first time homebuyers, homebuyer tax credit
posted by Jamie Mandel | 8:59 AM
1 Comments:
nice post information
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